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Consider the following statements regarding the Purchasing Managers’ Index:
- It is an indicator of business activity for both the manufacturing and services sectors.
- It is published on a monthly basis.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the Purchasing Managers&rs...
India’s manufacturing sector continued to perform better with S&P Global Purchasing Managers’ Index (PMI) rising to 56 in November against 55.5 in October.
- It is an indicator of business activity -- both in the manufacturing and services sectors.
- It is a survey-based measures that asks the respondents about changes in their perception of some key business variables from the month before.
- It is calculated separately for the manufacturing and services sectors and then a composite index is constructed.
- The index helps in determining whether the market conditions, as seen by purchasing managers, is expanding, contracting or staying the same.
- There are two types of PMI — Manufacturing PMI and Services PMI.
How is the manufacturing PMI derived?
- It is derived by sending fact-based questions to a large number of companies in the concerned sector.
- The questions are related to 5 key variables. The variables with their weights in the index are — new orders (30%), output (25%), employment (20%), suppliers’ delivery times (15%) and stock of items purchased (10%).
- The surveys are conducted on a monthly basis.
- A PMI number greater than 50 indicates expansion in business activity.
- A number less than 50 shows contraction. The rate of expansion is also judged by the difference from the mid-point (50) and also by previous month’s data.
- PMI data for India is released by S&P Global - a global major in financial information and analytics.
- Earlier PMI data is India was released by IHS Markit before its merger with S&P.
- The Manufacturing PMI measures the performance of India’s manufacturing sector and is derived after a survey of approx. 500 manufacturing companies.
Hence both statements are correct.
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Consider the following statements regarding the Purchasing Managers&rs...
1. Purchasing Managers are responsible for managing the procurement of goods and services for an organization.
2. They are typically responsible for negotiating contracts with suppliers and ensuring the best possible prices and terms.
3. Purchasing Managers also monitor supplier performance and address any issues or concerns that arise.
4. They may also be involved in strategic sourcing activities, such as identifying potential new suppliers and evaluating their capabilities.
5. Purchasing Managers play a crucial role in cost management and supply chain optimization for an organization.
6. They work closely with other departments, such as finance and operations, to ensure that purchasing activities align with overall organizational goals.
7. In some organizations, Purchasing Managers may also be responsible for managing inventory levels and implementing inventory control systems.
8. They may also be involved in supplier relationship management, including conducting supplier audits and evaluating supplier performance.
9. Purchasing Managers need to stay updated on market trends and developments to make informed purchasing decisions.
10. They should also have excellent communication and negotiation skills to effectively interact with suppliers and internal stakeholders.
Overall, Purchasing Managers play a critical role in ensuring that an organization has a reliable and efficient supply chain.
2. They are typically responsible for negotiating contracts with suppliers and ensuring the best possible prices and terms.
3. Purchasing Managers also monitor supplier performance and address any issues or concerns that arise.
4. They may also be involved in strategic sourcing activities, such as identifying potential new suppliers and evaluating their capabilities.
5. Purchasing Managers play a crucial role in cost management and supply chain optimization for an organization.
6. They work closely with other departments, such as finance and operations, to ensure that purchasing activities align with overall organizational goals.
7. In some organizations, Purchasing Managers may also be responsible for managing inventory levels and implementing inventory control systems.
8. They may also be involved in supplier relationship management, including conducting supplier audits and evaluating supplier performance.
9. Purchasing Managers need to stay updated on market trends and developments to make informed purchasing decisions.
10. They should also have excellent communication and negotiation skills to effectively interact with suppliers and internal stakeholders.
Overall, Purchasing Managers play a critical role in ensuring that an organization has a reliable and efficient supply chain.
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Consider the following statements regarding the Purchasing Managers’ Index: It is an indicator of business activity for both the manufacturing and services sectors. It is published on a monthly basis.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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